EX-12.1 2 c68781_ex12-1.htm

EXHIBIT 12.1

ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 

 

 

2011

 

2010

 

2009

 

2008

 

2007

 

 

 

 

 

 

 

 

Determination of earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations before income taxes

 

$

(20,558

)

$

(3,137

)

$

(59,287

)

$

(46,312

)

$

60,271

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

6,441

 

 

7,159

 

 

12,300

 

 

13,450

 

 

18,131

 

 

 

 

 

 

 

 

Earnings, as adjusted

 

$

(14,117

)

$

4,022

 

$

(46,987

)

$

(32,862

)

$

78,402

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (gross)(1)

 

$

5,929

 

$

6,315

 

$

11,514

 

$

12,681

 

$

17,380

 

Portion of rent representative of the interest factor(2)

 

 

512

 

 

844

 

 

786

 

 

769

 

 

751

 

 

 

 

 

 

 

 

Fixed charges

 

$

6,441

 

$

7,159

 

$

12,300

 

$

13,450

 

$

18,131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency of earnings available to cover fixed charges

 

$

(20,558

)

$

(3,137

)

$

(59,287

)

$

(46,312

)

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

 

4:1

 

 

 

 

 

(1)

Interest expense includes amortization of deferred issuance costs of $0.6 million, $0.6 million, $1.0 million, $1.1 million, and $1.6 million for the years ended December 31, 2011, 2010, 2009, 2008, and 2007, respectively.

 

(2)

Approximately 33 percent of annual rent expense is included in the computation. The Company believes this is a reasonable estimate of the interest factor in its leases, which are not material. The underlying rent amounts were $1.6 million, $2.6 million, $2.4 million, $2.3 million, and $2.3 million for the years ended December 31, 2011, 2010, 2009, 2008, and 2007, respectively.